Warminster-based Arbutus Biopharma laid off over half of its workforce and is exiting its headquarters to conserve cash while continuing its pursuit of a hepatitis B cure, writes John George for the Philadelphia Business Journal.
The company, which reduced its workforce by 40 percent last year and 24 percent in 2023, eliminated another 22 positions this month. It now employs juts 19 people.
According to Lindsay Androski, who took over as Arbutus CEO in late February, the company retained a “core team” that will be working on advancing imdusiran, its new hepatitis B drug candidate, into a phase 2 trial.
The company also decided to exit its 35,000-square-foot headquarters on Veterans Circle and discontinue its in-house scientific research.
As part of the cost-cutting moves, Arbutus will incur a one-time restructuring charge of $11 million to $13 million in the first quarter of 2025.
On December 31, the company reported cash, cash equivalents, and investments in marketable securities totaling $122.6 million. Arbutus recorded a loss of $69.9 million last year.
Going forward, Androski will focus on accelerating development and potential approval of imdusiran with the help of several “subject matter experts.”
Read more about the latest chapter for Arbutus Biopharma’s workforce and efforts to advance its new hepatitis B drug candidate in the Philadelphia Business Journal.
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Editor’s Note: This post was originally published on BUCKSCO Today in April 2025.
